performance per watt there's plenty of cards that's better. performance per dollar? almost none.
for $220, a 560ti or a 6950 from AMD's your best bet for a meaningful upgrade. but even then, it's not a huge step up... if you have a PSU that can handle the 480 and good case air flow, there's no reason to not get it
Well, I suggested an ASUS DCII Top GTX 560 Ti (from newegg, don't know if it has the same deal) to another member. And that is probably worth a buy because of the clocks and the cooler. But as Ironslice has said, the 480 performs better than the GTX 560 Ti. Especially at that price you mentioned at $220.
at the price of ~200, no the 480 is the top power performer disregarding possible heat and power consumption. to beat it, you will probably need at least a 7870, which is another 100$ at least more. as everything else before it is more or less equal to some extent.